Westcoast Energy Declares Dividends

VANCOUVER, Feb. 29, 2016 /CNW/ - On February 29, 2016, Westcoast Energy Inc. ("Westcoast") declared the following quarterly dividends:

1. 5.50% CUMULATIVE FIRST PREFERRED SHARES, SERIES 7:  A dividend of 34.375 cents per share payable on April 15, 2016 to shareholders of record at the close of business on April 1, 2016.
   
   
2. 5.60% CUMULATIVE FIRST PREFERRED SHARES, SERIES 8:  A dividend of 35.00 cents per share payable on April 15, 2016 to shareholders of record at the close of business on April 1, 2016.
   
   
3. CUMULATIVE FIVE YEAR REDEEMABLE, SERIES 10:  A dividend of 43.87 cents per share payable on April 15, 2016 to shareholders of record at the close of business on April 1, 2016.

All dividends paid or deemed paid for Canadian federal, provincial or territorial income tax purposes to be paid on or after January 1, 2006 by Westcoast including the dividends above are designated eligible dividends within the meaning of 89(1) of the Income Tax Act (Canada) or similar provincial or territorial legislation. This designation continues to apply in the future unless otherwise notified by Westcoast. An eligible dividend received by a Canadian resident individual shareholder is entitled to the enhanced dividend tax credit.

Westcoast is an indirect wholly owned subsidiary of Spectra Energy Corp.

Spectra Energy Corp (NYSE: SE), a FORTUNE 500 company, is one of North America's leading pipeline and midstream companies. Based in Houston, Texas, the company's operations in the United States and Canada include more than 21,000 miles of natural gas, natural gas liquids, and crude oil pipelines; approximately 300 billion cubic feet (Bcf) of natural gas storage; 4.8 million barrels of crude oil storage; as well as natural gas gathering, processing, and local distribution operations. Spectra Energy is the general partner of Spectra Energy Partners (NYSE: SEP), one of the largest pipeline master limited partnerships in the United States and owner of the natural gas, natural gas liquids, and crude oil assets in Spectra Energy's U.S. portfolio. Spectra Energy also has a 50 percent ownership in DCP Midstream, the largest producer of natural gas liquids and the largest natural gas processor in the United States. Spectra Energy has served North American customers and communities for more than a century. For more information, visit www.spectraenergy.com and www.spectraenergypartners.com.

SOURCE Westcoast Energy Inc.

Media Canada, Spectra Energy, 844-669-6001, [email protected]